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Ridsdale to become Plymouth owner

Tue 5th Jul 2011 | Clubs Ownership

Peter Ridsdale is expected to take full control of Plymouth Argyle when a deal with a consortium to acquire the club's property assets is completed.

It’s reported that the former Leeds, Barnsley and Cardiff chief executive will pay just £1 to become sole shareholder of a new company controlling the club.

Speaking to BBC Sport a spokesman for Plymouth said that a deal was very close, and relies on the administrators approving it.

It is expected the land surrounding Home Park and the ground itself will be sold to an Irish consortium, who are being advised by Truro City chairman Kevin Heaney.

"Once that bid happens, immediately afterwards the club will become Peter Ridsdale's," the spokesman told BBC Sport.

Ridsdale told BBC Spotlight: "The contracts were sent back to the respective parties on Friday night.

"We're just waiting to hear this morning if there are any final amendments,” he added.

"Whether that'll be this morning, this afternoon or tomorrow morning I don't know, but it is very close now."

Once the takeover is complete Ridsdale will then need to go to the Football League and prove that the club is fit to be taken out of administration.

"That's not a simple process but I think our objective is to do that by 6 August," Ridsdale added.

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